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Citicore secures $552 million for 900 MW solar, 120 MWh storage portfolio in Philippines

Bank of the Philippine Islands, Land Bank of the Philippines and Development Bank of the Philippines have provided PHP 35.014 billion ($552 million) in financing for a portfolio of five solar projects totaling 900 MW and 120 MWh of battery storage in the Philippines.
Vincent Shaw
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Vincent Shaw
A PV plant operated by Citicore in the Philippines | Image: Citicore

Philippine renewable energy developer Citicore Renewable Energy Corp. (CREC) has secured PHP 35.014 billion ($552 million) in syndicated project financing to develop five solar projects with a combined capacity of 900 MW and 120 MWh of battery storage in Batangas province.

The financing is the company’s largest syndicated loan facility to date. Three Philippine banks provided the funding: Bank of the Philippine Islands (BPI), state-owned Land Bank of the Philippines (LandBank), and Development Bank of the Philippines (DBP).

The portfolio consists of two 300 MW solar plants and three 100 MW solar facilities. Each of the smaller projects will incorporate a 40 MWh battery energy storage system (BESS), bringing the portfolio’s total storage capacity to 120 MWh.

CREC has not disclosed the batteries’ power ratings, technology suppliers or storage durations. It has also not provided details of the loan tenor, interest rates or financing allocated to individual projects.

All five projects secured offtake allocations under the Philippine Department of Energy’s fourth Green Energy Auction Program (GEA-4), held in 2025.

The auction framework provides for 20-year electricity supply contracts starting from commercial operation, giving developers long-term revenue visibility. CREC has not disclosed the tariffs awarded to individual projects, commissioning schedules or the status of their power supply agreements.

The projects will expand CREC’s existing portfolio in Batangas, where it reports 374 MW of operational solar capacity and 560 MWh of battery storage. An additional 198 MW of solar capacity in the province is nearing completion.

CREC said concentrating multiple projects in Batangas is part of its development strategy, enabling it to coordinate construction activities and potentially improve project execution efficiency.

The Philippine government has used successive green energy auctions to accelerate renewable energy investment. The fourth auction round covered ground-mounted, rooftop and floating solar, onshore wind, and integrated solar-plus-storage projects, with electricity deliveries scheduled between 2026 and 2029.

The Philippines aims to increase the share of renewables in its electricity generation mix to 35% by 2030 and 50% by 2040.

CREC, which is listed on the Philippine Stock Exchange, operates across solar power generation, project development and electricity supply. The company said earlier in October that it had reached 1 GW of installed renewable energy capacity and is targeting 5 GW within the next five years.

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